Adebisi Adebutu has acquired 86% of Chappal Energies through his R28 Fund, which has also put in US$100m of refinancing to stabilise the company and restore operations, Africa Oil+Gas Report said on 24 September 2026.
Chappal is a Mauritius-registered, Nigeria-focused independent upstream company with offshore assets. It bought Equinor’s Nigerian portfolio for US$1.2bn in December 2023. The change of control follows about six months of board disputes, during which the founding chief executive was suspended.
The identities of the previous shareholders, the lenders being refinanced and the terms were not disclosed in the report reviewed.
